Corporate Governance and Audit Process in Woolworth

Running head: Financial Accounting Assignment
Student: Good Morning
So today the topic on which I have to give the presentation is Corporate governance and the
company which I have selected is Woolworth. The company of Woolworth ltd has made
significant progress in effective corporate governance and the topic would be discussing how
corporate governance would help in improving the audit process of a business.
The first slide shows about the auditing process and how the auditor ascertain true and fair
value principle in company financial statement. It states about the internal control system and
how the system is able to minimize the risk in their business activity. The auditor also needs
to follow all the rules and regulations which are applicable to a business. The business needs
to be compliant with the rules and the regulations which are applicable to the business.
Second slide indicate about the meaning of corporate governance and show the importance of
corporate governance in company financial business. The importance of Corporate
governance is also considered to be important.
Third slide denotes about the eight principles which are been laid down by ASX and detail of
each principle in upcoming slides. These eight principles if implemented can improve the
business structure and help in improving the governance principles which are followed in a
business environment.
Fourth slide states about the first principle of corporate governance and state the rules and
recommendation given in the principles. Company has to form a board of directors and in
which all the roles and responsibility should be properly disclosed by the company. Proper
recruitment process should be made by the company for the appointment of directors and it
should also encourage the shareholder to take part among the recruitment process in the
company. This will them to have proper amount of decision in company business activities.

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Financial Accounting Assignment
Fifth slide show about the second principle of corporate governance and state the rules and
recommendation given in the principles. Members of the board should posses all the required
knowledge and skills that are required to carry the business activities properly. Proper
formation of nomination committee should be there which is to be handle by an independent
member as this help to provide clarity in company business activities.
Sixth slide show about the third principle of corporate governance and state the rules and
recommendation given in the principles. Company has to form code of conduct which will
help them to carry the business ethically. The standard which are been set by the company
that should be disclosed in their financial reports. Company should make sure that all the
employees are following code of conduct while carrying the business activities.
The next slide show about the fourth principle of corporate governance and state the rules and
recommendation given in the principles. It suggests that the company should form an audit
committee which will help them to carry their internal control properly in their business
operation. The committee should comprise of minimum of 3 member and the majority should
be held by independent directors as this will help the company to carry their operation
effectively. The board of committee should be handled by an independent member only.
Company should present the auditor in the annual general meeting which help the member to
get proper answers of their questions.
The next slide show about the fifth principle of corporate governance and state the rules and
recommendation given in the principles. Company has to form a proper disclosure policy
which let them disclose all the information properly in the business. All the roles and
responsibilities distributed among the directors should be properly disclosed by the company.
A ninth slide show about the sixth principle of corporate governance and state the rules and
recommendation given in the principles. This principle suggests that the company should